With the current upward trend, domestic coffee prices are likely to exceed 80,000 VND per kg soon. A surge in domestic coffee prices was attributed to the fact that traders actively purchased coffee before the Lunar New Year (Tet) holiday while exporters were afraid of supply shortages like last year so they tended to buy more. The coffee output of the 2023-2034 crop in Dak Lak province is forecast to reach 580,000 tonnes, thus the coffee export volume is estimated at 330,000 tonnes. If prices stay as high as they are now and fluctuate slightly in the near future, the province's coffee export turnover could hit 900 million USD. According to the Vietnam Coffee-Cocoa Association (Vicofa), Vietnam’s coffee production in the 2023-2024 crop will be 1.6-1.7 million tonnes, lower than 1.78 million tonnes in 2022-2023./.

Source: Viet Nam News February 10, 2024 11:38 UTC